Self Storage Group (OB:SSG) - Share price, News & Analysis

SSG fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	1/6
Past Performance	4/6
Financial Health	3/6
Dividends	0/6

SSG Stock Overview

Self Storage Group ASA engages in the rental of self-storage units to private individuals and businesses in Norway, Sweden, and Denmark.

Rewards

Price-To-Earnings ratio (8.3x) is below the Norwegian market (12.5x)

Revenue is forecast to grow 8.51% per year

Earnings grew by 147.1% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 40.4% per year for the next 3 years

Debt is not well covered by operating cash flow

Large one-off items impacting financial results

Shareholders have been diluted in the past year

Self Storage Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Self Storage Group
Historical stock prices
Current Share Price	kr30.70
52 Week High	kr37.60
52 Week Low	kr26.00
Beta	0.81
1 Month Change	0%
3 Month Change	-5.83%
1 Year Change	12.45%
3 Year Change	51.98%
5 Year Change	n/a
Change since IPO	125.74%

Shareholder Returns

	SSG	NO Commercial Services	NO Market
7D	7.7%	4.1%	-3.4%
1Y	12.5%	-30.7%	3.2%

Return vs Industry: SSG exceeded the Norwegian Commercial Services industry which returned -32.2% over the past year.

Return vs Market: SSG exceeded the Norwegian Market which returned 3.4% over the past year.

Price Volatility

Is SSG's price volatile compared to industry and market?
SSG volatility
SSG Average Weekly Movement	5.4%
Commercial Services Industry Average Movement	8.0%
Market Average Movement	7.2%
10% most volatile stocks in NO Market	12.8%
10% least volatile stocks in NO Market	3.9%

Stable Share Price: SSG is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: SSG's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1993	67	Fabian Søbak	https://www.selfstoragegroup.no

Self Storage Group ASA engages in the rental of self-storage units to private individuals and businesses in Norway, Sweden, and Denmark. The company operates through OK Minilager, City Self-Storage, and Property segments. It operates climate controlled storage units and container based storage units.

Self Storage Group Fundamentals Summary

How do Self Storage Group's earnings and revenue compare to its market cap?
SSG fundamental statistics
Market Cap	kr2.91b
Earnings (TTM)	kr351.52m
Revenue (TTM)	kr361.35m

8.3x

P/E Ratio

8.0x

P/S Ratio

Is SSG overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
SSG income statement (TTM)
Revenue	kr361.35m
Cost of Revenue	kr88.99m
Gross Profit	kr272.36m
Other Expenses	-kr79.16m
Earnings	kr351.52m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 17, 2022

Earnings per share (EPS)	3.71
Gross Margin	75.37%
Net Profit Margin	97.28%
Debt/Equity Ratio	50.6%

How did SSG perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is SSG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SSG?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for SSG. This is calculated by dividing SSG's market cap by their current preferred multiple.
What is SSG's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	kr2.91b

SSG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	11.5x
Enterprise Value/EBITDA	19.9x
PEG Ratio	-0.2x

Price to Earnings Ratio vs Peers

How does SSG's PE Ratio compare to its peers?

SSG PE Ratio vs Peers

The above table shows the PE ratio for SSG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	1726.2x

Forward PE

Price-To-Earnings vs Peers: SSG is good value based on its Price-To-Earnings Ratio (8.3x) compared to the peer average (1726.2x).

Price to Earnings Ratio vs Industry

How does SSG's PE Ratio compare vs other companies in the Commercial Services Industry?

Price-To-Earnings vs Industry: SSG is good value based on its Price-To-Earnings Ratio (8.3x) compared to the European Commercial Services industry average (15.2x)

Price to Earnings Ratio vs Fair Ratio

What is SSG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SSG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.3x
Fair PE Ratio	5.8x

Price-To-Earnings vs Fair Ratio: SSG is expensive based on its Price-To-Earnings Ratio (8.3x) compared to the estimated Fair Price-To-Earnings Ratio (5.8x).

Share Price vs Fair Value

What is the Fair Price of SSG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SSG (NOK30.7) is trading above our estimate of fair value (NOK5.44)

Significantly Below Fair Value: SSG is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: SSG's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

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Future Growth

How is Self Storage Group forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-40.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SSG's earnings are forecast to decline over the next 3 years (-40.4% per year).

Earnings vs Market: SSG's earnings are forecast to decline over the next 3 years (-40.4% per year).

High Growth Earnings: SSG's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SSG's revenue (8.5% per year) is forecast to grow faster than the Norwegian market (0.2% per year).

High Growth Revenue: SSG's revenue (8.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SSG's Return on Equity is forecast to be low in 3 years time (5.6%).

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Past Performance

How has Self Storage Group performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

41.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SSG has a large one-off gain of NOK259.0M impacting its March 31 2022 financial results.

Growing Profit Margin: SSG's current net profit margins (97.3%) are higher than last year (47.5%).

Past Earnings Growth Analysis

Earnings Trend: SSG's earnings have grown significantly by 41.5% per year over the past 5 years.

Accelerating Growth: SSG's earnings growth over the past year (147.1%) exceeds its 5-year average (41.5% per year).

Earnings vs Industry: SSG earnings growth over the past year (147.1%) exceeded the Commercial Services industry 39.1%.

Return on Equity

High ROE: SSG's Return on Equity (19.1%) is considered low.

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Financial Health

How is Self Storage Group's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: SSG's short term assets (NOK196.9M) exceed its short term liabilities (NOK170.7M).

Long Term Liabilities: SSG's short term assets (NOK196.9M) do not cover its long term liabilities (NOK1.5B).

Debt to Equity History and Analysis

Debt Level: SSG's net debt to equity ratio (42.3%) is considered high.

Reducing Debt: SSG's debt to equity ratio has reduced from 72.4% to 50.6% over the past 5 years.

Debt Coverage: SSG's debt is not well covered by operating cash flow (19.3%).

Interest Coverage: SSG's interest payments on its debt are well covered by EBIT (14.9x coverage).

Balance Sheet

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Dividend

What is Self Storage Group current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

0.76%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate SSG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate SSG's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if SSG's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if SSG's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as SSG has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

1.5yrs

Average management tenure

CEO

Fabian Søbak

6.42yrs

Tenure

kr855,000

Compensation

Mr. Fabian Emil Søbak has been the Chief Executive Officer at Self Storage Group ASA since 2016. Mr. Søbak co-founded OK Minilager AS together with his father, Gustav Søbak, in 2009. Since then, he has hel...

CEO Compensation Analysis

Compensation vs Market: Fabian's total compensation ($USD86.64K) is below average for companies of similar size in the Norwegian market ($USD526.81K).

Compensation vs Earnings: Fabian's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: SSG's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.

Board Members

Experienced Board: SSG's board of directors are considered experienced (4.4 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 12.3%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/24 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31